VIGIX vs. VMNIX

Last updated Jun 23, 2026

VIGIX (Vanguard Growth Index Fund Institutional Shares) and VMNIX (Vanguard Market Neutral Fund Institutional Shares) are both mutual funds - VIGIX is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index, while VMNIX is a Long-Short fund managed by Vanguard. Over the past 10 years, VIGIX returned 18.14%/yr vs 5.16%/yr for VMNIX. At a 0.00 correlation, their price movements are largely independent. VIGIX charges 0.04%/yr vs 1.25%/yr for VMNIX.

Performance

VIGIX vs. VMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Growth Index Fund Institutional Shares (VIGIX) and Vanguard Market Neutral Fund Institutional Shares (VMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VIGIX achieves a 7.20% return, which is significantly lower than VMNIX's 13.02% return. Over the past 10 years, VIGIX has outperformed VMNIX with an annualized return of 18.14%, while VMNIX has yielded a comparatively lower 5.16% annualized return.

VIGIX

• 1D: 1.71%
• 1M: -0.56%
• YTD: 7.20%
• 6M: 6.59%
• 1Y: 25.68%
• 3Y*: 23.76%
• 5Y*: 14.15%
• 10Y*: 18.14%

VMNIX

• 1D: -0.19%
• 1M: 2.68%
• YTD: 13.02%
• 6M: 13.79%
• 1Y: 20.70%
• 3Y*: 13.93%
• 5Y*: 13.88%
• 10Y*: 5.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VIGIX vs. VMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIGIX Vanguard Growth Index Fund Institutional Shares	7.20%	19.44%	32.68%	46.77%	-33.13%	27.27%	40.19%	37.26%	-3.34%	27.81%
VMNIX Vanguard Market Neutral Fund Institutional Shares	13.02%	9.36%	5.84%	12.33%	13.47%	23.39%	-11.58%	-9.48%	0.66%	-4.83%

Correlation

The correlation between VIGIX and VMNIX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Oct 26, 1998	0.00

Return for Risk

VIGIX vs. VMNIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VIGIX

VIGIX Risk / Return Rank: 26
VIGIX Sharpe Ratio Rank: 31
VIGIX Sortino Ratio Rank: 28
VIGIX Omega Ratio Rank: 29
VIGIX Calmar Ratio Rank: 20
VIGIX Martin Ratio Rank: 23

VMNIX

VMNIX Risk / Return Rank: 85
VMNIX Sharpe Ratio Rank: 90
VMNIX Sortino Ratio Rank: 90
VMNIX Omega Ratio Rank: 83
VMNIX Calmar Ratio Rank: 91
VMNIX Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VIGIX vs. VMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Growth Index Fund Institutional Shares (VIGIX) and Vanguard Market Neutral Fund Institutional Shares (VMNIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VIGIX	VMNIX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	2.73	-1.23
Sortino ratio: Return per unit of downside risk	2.05	4.10	-2.05
Omega ratio: Gain probability vs. loss probability	1.26	1.50	-0.24
Calmar ratio: Return relative to maximum drawdown	1.52	4.51	-2.99
Martin ratio: Return relative to average drawdown	5.24	12.73	-7.49

VIGIX vs. VMNIX - Sharpe Ratio Comparison

The current VIGIX Sharpe Ratio is 1.50, which is lower than the VMNIX Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of VIGIX and VMNIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VIGIX vs. VMNIX - Drawdown Comparison

The maximum VIGIX drawdown since its inception was -56.95%, which is greater than VMNIX's maximum drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for VIGIX and VMNIX.

Drawdown Indicators

	VIGIX	VMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-56.95%	-27.90%	-29.05%
Max Drawdown (1Y) Largest decline over 1 year	-16.51%	-4.67%	-11.84%
Max Drawdown (3Y) Largest decline over 3 years	-23.03%	-5.36%	-17.67%
Max Drawdown (5Y) Largest decline over 5 years	-35.62%	-6.69%	-28.93%
Max Drawdown (10Y) Largest decline over 10 years	-35.62%	-24.95%	-10.67%
Current Drawdown Current decline from peak	-3.55%	-0.25%	-3.30%
Average Drawdown Average peak-to-trough decline	-16.25%	-8.75%	-7.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	1.65%	+3.14%

Volatility

VIGIX vs. VMNIX - Volatility Comparison

Vanguard Growth Index Fund Institutional Shares (VIGIX) has a higher volatility of 6.58% compared to Vanguard Market Neutral Fund Institutional Shares (VMNIX) at 2.02%. This indicates that VIGIX's price experiences larger fluctuations and is considered to be riskier than VMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIGIX	VMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.58%	2.02%	+4.56%
Volatility (6M) Calculated over the trailing 6-month period	13.43%	5.62%	+7.81%
Volatility (1Y) Calculated over the trailing 1-year period	16.80%	7.75%	+9.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.48%	7.21%	+15.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.66%	6.41%	+15.25%

VIGIX vs. VMNIX - Expense Ratio Comparison

VIGIX has a 0.04% expense ratio, which is lower than VMNIX's 1.25% expense ratio.

Dividends

VIGIX vs. VMNIX - Dividend Comparison

VIGIX's dividend yield for the trailing twelve months is around 0.38%, less than VMNIX's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIGIX Vanguard Growth Index Fund Institutional Shares	0.38%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.15%	1.40%	1.31%
VMNIX Vanguard Market Neutral Fund Institutional Shares	3.16%	3.59%	5.67%	5.15%	0.78%	0.20%	0.86%	3.23%	1.00%	1.16%	0.45%	0.10%

Frequently Asked Questions

Can I hold both VIGIX and VMNIX in my portfolio?

VIGIX and VMNIX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIGIX or VMNIX?

VIGIX has higher volatility (6.58%) compared to VMNIX (2.02%). In terms of maximum drawdown, VIGIX dropped -56.95% vs VMNIX's -27.90%.

Which has better risk-adjusted returns?

VMNIX currently has the higher Sharpe Ratio (2.73 vs 1.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.